Shaw Communications Inc.: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and Senior Notes rating of Shaw Communications Inc. (Shaw or the Company) at BBB (low), and the Preferred Shares rating at Pfd-3 (low). All trends are Stable. The confirmations incorporate the divestiture of ViaWest Inc. (ViaWest), the announced sale of Shaw Tracking, the purchase of wireless spectrum licences from Quebecor Media Inc. (Quebecor) and the Company’s balanced allocation of capi¬tal. The ratings continue to reflect Shaw’s well-established brand and market position in Western Canada, high-quality network and wireless growth opportunity. The ratings also consider the intense competitive landscape, high capital intensity, high dividend pay¬out and risks associated with regulatory change.